On the basis of the preliminary data on the General Government accounts for the period April-June 2016, total revenue amounted to €1,461.2 million, while total expenditure reached €1,652.1 million, resulting in a deficit of €190.9 million as compared to a deficit of €12.2 million in the corresponding period of the previous year.
The main categories of revenue for the period April-June 2016 were: taxes on production and imports €630.6 million (3.4% increase as compared to the corresponding quarter of 2015), of which VAT was €372.1 million (5.1% increase), and taxes on income and wealth €271.8 million (1.9% increase).
Revenue from sales of goods and services decreased by 10.6% as compared to the corresponding period of the previous year reaching €117.4 million.
The main categories of expenditure for the period April-June 2016 were: social transfers €656.8 million (3.8% increase), and compensation of employees (including imputed social contributions and pensions of civil servants) €512.2 million (1.0% decrease). Intermediate consumption reached €137.4 million (5.6% decrease as compared to the corresponding period of the previous year).
Source: InCyprus
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Digital assets are no longer a niche, but a part of modern finance attracting a growing number of investors – and there is immense potential for Cyprus to become a leading cryptocurrency hub. By fostering a more inclusive regulatory ecosystem, Cyprus can diversify its financial services sector and position itself at the forefront of digital finance, says Georg Bühler, Managing Director of Mount Pelion Capital.
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